Workplace Safety Market worth $26.7 billion by 2027, Growing at a CAGR of 13.5%: Report by MarketsandMarkets™

Chicago, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global Workplace Safety Market is projected to grow from USD 14.2 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.5% from 2022 to 2027, , according to a new report by MarketsandMarkets™.

Growing work injuries and strict industrial health and safety regulations implemented by governments across regions have driven the workplace safety market growth. Vendors in the market provide comprehensive solutions to stop workplace safety accidents and injuries. Significant partnerships and organic strategies in the workplace safety market have been established, which is expected to boost market growth.

Browse in-depth TOC on "Workplace Safety Market”
391 - Tables
52 - Figures
304 - Pages

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Scope of the Report:

Report Metrics	Details
Revenue Forecast Size in 2027	$26.7 billion
Market Size Value in 2022	$14.2 billion
CAGR (2022-2027)	13.5%
Key Opportunities	Introduction of new trends, such as smart PPE, and autonomous vehicles
Key Market Growth Drivers	Growing work injuries and deaths have raised workplace safety concerns
Market size available for years	2016–2027
Base year considered	2021
Forecast period	2022–2027
Forecast units	Value (USD Million/ Billion)
Segments covered	Component, System, Application, Deployment Mode, End User, and Region
Geographies covered	North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Major companies covered	IBM (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Microsoft (US), Bosch (Germany), Cority (Canada), Wolters Kluwer (The Netherlands), Intelex (Canada), HCL Technologies (India), HSI (US), Vector Solutions (US), INX Software (UK), Arventa (Australia), AWS (US), Hitachi Solutions (Japan), Damotech (Canada), EcoOnline (Norway), Atheer (US), Kinetic (US), among others.

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Workplace Safety and Artificial Intelligence:

Workplace safety systems are implemented in the industrial and commercial sectors to ensure higher productivity and reduce overall energy consumption during the production process. Smart workplace solutions are used to increase worker safety in industrial environments, along with tracking the work of employees in the most efficient way. Workplace safety solutions include hardware and real-time software solutions, such as PPE, head protection equipment, eyewear, and protection devices, which are connected remotely using embedded software. With the help of an ML algorithm, data is analyzed to check patterns and predict issues that can hamper the worker’s health. AI provides a significant number of benefits and improvements in the workplace safety market. For instance, Cisco developed an Automated Intelligent System for Assuring Safe Working Environments, known as AI-SAFE. The project was initiated by the UK’s innovation agency and aims to automate safety checks in the workplace.

Awareness in regional markets about workplace safety:

Strict regulations and laws implemented across different regions have led to the increased adoption of workplace safety solutions by organizations. North America is expected to account for the largest share in the global workplace safety market due to the rising workplace injuries, presence of key workplace market vendors, and the presence of stringent laws and regulations related to the workplace safety market. The European region is expected to be the fastest-growing market. It is witnessing a rising number of workplace accidents across organizations and is highly regulated. The Asia Pacific region is expected to drive market growth owing to the high number of workplace accidents witnessed by organizations in the region. The markets in the Middle East and Africa and Latin America regions are expected to grow at significant CAGRs during the forecast period. Factors, such as rising workplace accidents, have prompted the government and organizations across several verticals to take initiatives in the workplace safety market.

Hardware segment, by component, expected to account for larger market size

The hardware segment is segmented into safety sensors, RFID tags and readers, and wearables. Industries, such as energy and utilities, construction and engineering, chemicals and materials, and government and defense, have implemented numerous security measures in the workplaces to ensure the safety of their critical infrastructure and workforce. This helps the industries improve their production and operational efficiency and energy consumption. Safety systems, including access control and surveillance systems, Environmental, Health, and Safety (EHS) systems, and Real-Time Location Systems (RTLS), are being deployed by industries for workplace safety measurements. These systems comprise components, such as sensors, RFID tags and readers, and more.

Integration of Big Data and use of safety data as predictive tools for risk management

The increased focus on a holistic view of health and safety has helped workplace safety become increasingly high-tech. With the increased integration of technologies in workplace safety, technologies such as big data and predictive analytics are becoming the backbone of safety data. Data on incidents is collected and put into predictive analytics software to analyze patterns and accident trends, evaluate the current conditions, make educated predictions about the possibilities of certain incidents, and take preventive measures in advance to mitigate those incidents from happening. These platforms ensure workplace conditions are consistently examined, and issues immediately addressed.

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Top Trends in global Workplace Safety Market:

• Emphasis on Health and Wellbeing: Beyond usual protection measures, corporations had been increasingly more focusing on the average fitness and health of employees. This blanketed initiatives associated to intellectual health, ergonomic design, and health packages to create a holistic strategy to place of work safety.
• Digitalization and IoT Integration: The integration of Internet of Things (IoT) gadgets and sensors into place of business security structures was once growing. These applied sciences allowed real-time monitoring of environmental conditions, gear performance, and worker moves to discover doable hazards.
• Wearable Technology: Wearable devices, such as clever helmets, protection vests, and smartwatches, had been being used to display and song workers' imperative signs, location, and exposure to hazardous conditions. This facts helped enhance protection protocols and emergency response.
• Predictive Analytics: Predictive analytics and computer getting to know have been being employed to analyze historic records and perceive patterns that may want to lead to accidents or protection incidents. By awaiting workable risks, agencies ought to take proactive measures to forestall accidents.
• Virtual and Augmented Reality: Virtual fact (VR) and augmented actuality (AR) applied sciences have been being used for worker coaching and simulations of hazardous scenarios. These applied sciences furnished a secure surroundings for training security protocols and emergency responses.
• Remote Work Safety: With the upward jostle of far off and hybrid work models, agencies have been focusing on making sure the security of personnel working from domestic or off-site locations. Guidelines and equipment for putting up ergonomic domestic workplaces and addressing far off work-related dangers have been gaining importance.
• Safety Culture and Training: Organizations had been recognizing the significance of fostering a robust protection culture. Comprehensive coaching applications and ordinary security drills had been being applied to make certain that all personnel understood and observed security protocols.

Key Industry Development in global Workplace Safety Market:

• Integration of Artificial Intelligence (AI) and Predictive Analytics: The use of AI and predictive analytics used to be on the upward jostle to discover patterns and traits in place of business protection data. These applied sciences helped companies count on workable risks and take proactive measures to stop accidents.
• IoT-Enabled Safety Solutions: Internet of Things (IoT) gadgets and sensors have been being more and more adopted to reveal a range of factors of place of work safety, which include environmental conditions, gear health, and worker movements. IoT-enabled options furnished real-time insights to enhance protection protocols.
• Digital Twin Technology: Digital twin technological know-how used to be gaining traction in administrative center safety. This entails developing digital replicas of bodily work environments to simulate eventualities and take a look at protection measures earlier than implementation.
• Ergonomics and Wellbeing Focus: Companies have been putting a higher emphasis on ergonomics and worker well being to forestall musculoskeletal problems and enhance basic health. Ergonomic workplace furniture, adjustable workstations, and well-being applications have been turning into greater common.
• Mobile Apps for Safety Management: Mobile purposes had been being developed to beautify conversation and security management. Employees may want to file incidents, hazards, and close to misses the usage of their smartphones, main to faster response times.
• Cloud-Based Safety Solutions: Cloud computing was once being used to save and analyze protection data, making it on hand from a number locations. This allowed for real-time monitoring and reporting, specifically in companies with a couple of sites.
• Collaborative Safety Platforms: Integrated structures and software program options have been rising to facilitate conversation between employees, protection teams, and management. These structures streamlined incident reporting, security training, and compliance tracking.

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